Treasuriesare slightly lower across the curve this morning as investors await details of the Trump administration’s tax cut plan. The UST10-Year yield is currently at 2.334% after closing at 2.333% prior.
Yesterday, treasuries were driven lower from President Trump’s expected call for a corporate tax rate cut from 35.00% to 15.00%. Investors continue to wait for the president’s broader plans, which could potentially boost stocks and reduce the desire for safe-haven assets.
Today’s quiet economic calendar only consists of the MBA Mortgage Applications for the week ending in April 21st, which rose 2.70% after falling 1.80% in the week prior. Purchase applications fell 1.00% after falling 3.40% in the week prior, while refinance activities jumped 7.20% after rising only 0.20% in the week prior. At 8:30 AM (PT), Treasury will auction $15 Billion of new 2-Year Floating Rate Notes, and then at 10:00 AM (PT), Treasury will return with a $34 Billion auction in new 5-Year notes.
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Yesterday, treasuries were driven lower from President Trump’s expected call for a corporate tax rate cut from 35.00% to 15.00%. Investors continue to wait for the president’s broader plans, which could potentially boost stocks and reduce the desire for safe-haven assets.
Today’s quiet economic calendar only consists of the MBA Mortgage Applications for the week ending in April 21st, which rose 2.70% after falling 1.80% in the week prior. Purchase applications fell 1.00% after falling 3.40% in the week prior, while refinance activities jumped 7.20% after rising only 0.20% in the week prior. At 8:30 AM (PT), Treasury will auction $15 Billion of new 2-Year Floating Rate Notes, and then at 10:00 AM (PT), Treasury will return with a $34 Billion auction in new 5-Year notes.
The curve has bear-flattened with the UST 10-Year up 0.1 bp from prior closing.